Arsenal will face Real Madrid at home and Bayern Munich and Napoli away in the Champions League as they look to go one step better than last year’s defeat in the final to Paris Saint-Germain.They will also face Borussia Dortmund, Lille and Sabah FC of Azerbaijan at home and Real Betis and Slavia Prague away in the league phase of the competition.Mikel Arteta’s side reached the final last season only to lose on penalties to PSG, who retained their crown from the previous season. Arsenal had been knocked out in the semi-finals by the same opponents the season before that.Arsenal and PSG are among the favourites again this season as the north London club bid to become European champions for the first time.Get the full Champions League league-phase draw, with analysis, here.League-phase matches*Dates of matches to be confirmed in the coming daysWhich game most excites you?Real Madrid at home has a meaningful ring to it for Arsenal. In a way, it is synonymous with an iconic match that reaffirmed their place as a serious European prospect when Declan Rice struck two wonder free kicks and Mikel Merino added the gloss to a comprehensive 3-0 win in the 2025 knockouts.It will be fascinating to observe how the home fans react to Vinicius Jr. That summer frisson when the Brazilian considered joining Arsenal only to stay to extend his contract and play under Jose Mourinho leaves some big emotion.Arsenal feel able to take on the traditional big guns these days without any inferiority complex.Which game worries you?Arsenal need not be overly worried about anyone, although they know an away game at Bayern will be a significant challenge if they wish to try to emulate an unbeaten group phase last time out.These two teams met in the group phase last season, with Arsenal winning 3-1. The game was close until Arsenal moved through the gears in the second half. Gabriel Martinelli turned the screw with a breakaway goal. The Brazilian, who scored freely in the Champions League, appears to be on the way out, so Arsenal will have to rely without a speed merchant to inflict damage.What is Arteta’s biggest issue to confront in the tournament?Given Arsenal reached extra time of the final last season without losing at all, the issues are in the finest details that could make the team better.In the midst of all that emotion in Budapest, faced with the pain of a squandered penalty shootout, Arteta spoke with a lot of clarity after the game. “We want to reach another level,” he said.The factors to help that happen were identified as both technical (difference-maker players who can bend a match their way with individual skill) and physical (having more fit players in peak form at the business end of the season). Right now it is hard to predict with much certainty that they are positioned to score higher on both fronts.Arsenal went so close last season (Lars Baron/Getty Images)Which team do Arsenal most want to avoid in the latter stages?Stating the bleedin’ obvious here, but Paris Saint-Germain are clearly a tough nut to crack. Although Arsenal had their moments against them in the past two seasons, the French aristocrats knocked them out.The list of competitors Arsenal have beaten in recent editions of the Champions League includes PSG in the group stage (but not in a knockout), Bayern Munich, Real Madrid and Inter. The eagle-eyed out there will have noticed an absence of Premier League opponents. That is absolutely best avoided if possible.European derby games, if you can call it that, bring an extra intensity that can be unhelpful. They haven’t actually been paired with an English team since May 2009 — before Max Dowman was born — but it never tended to go well.What would be considered a successful finish?The dream scenario continues the linear progress of recent seasons — from quarter-final, to semi-final, to final, to… well, the ultimate prize.Arsenal should be ambitious and confident, but not arrogant. Nobody has a divine right to this elusive trophy. Sometimes, to reach the top, it takes a lot of attempts, resilience and hunger to be in the mix until one day it might be your turn.PSG, currently the best around and a team that strengthened this season, had to keep buying tickets until they won the Champions League lottery. So hitting the latter stages should not be sniffed at. Let’s not be silly enough to think that anything less than at least a final is failure. The level of competition is crazy.Prediction time… how far will Arsenal get?The knockouts should be relatively straightforward. After that, the nature of the draw and the shape and momentum the team finds themselves in will have an impact.The only thing to predict with certainty is that Arsenal no longer have to be afraid of anyone they might meet along the way.